Dan Flynn is the writer of The Corn & Ethanol Report, a daily market letter covering grains, energies, and various global issues that are the driving force and backbone of the commodity markets. Contact Mr. Flynn at (312) 264-4374
As old man winter approaches the route on Stocks and Commodities could be coming to an end. The shatter the markets suffered recently with no fundamental backstop have kept investors at bay. This is not 2008 or 1987 and the jobs market is not to blame. Could it be a mainstream media double downing on a global recession that is putting more fear in the minds of investors and CEO’s that might pull back on hiring and investing or starting layoffs with certain sectors in the workforce taking big blows. If we continue down the path we may see a self-fulfilling prophecy. And I believe in the American Spirit and once you get knocked off the horse you get back on the horse and ride cowboy ride. Also with a government shutdown looming or is that an oxymoron? Meanwhile President Trump keeps moving forward signing a $867 billion farm bill. In the overnight electronic session the March Corn is currently trading at 376 ¼ which is 1 cent higher. The trading range has been 377 ½ to 375 ¼.
On the Ethanol front the January contract is currently trading at 1.230 which is .001 higher. The trading range has been 1.231 to 1.230. 5 contracts traded and Open Interest has dropped to 759 contracts. The market is currently showing 2 bids @ 1.223 and 3 offers @ 1.231.
On the Crude Oil front the market is taking another punch like a boxer on the ropes bull it looks like we have a bottoming formation in the Stock Market and it looks like we are poised to beat the streak. In the overnight electronic session the February Crude Oil is currently trading at 4541 which is 47 points lower. The trading range has been 4677 to 4513.
On the Natural Gas front the market is higher this morning as we close in on winter solstice. In the overnight electronic session the January contract is currently trading at 3.703 which is 12 cents higher. The trading range has been 3.746 to 3.595.
Merry Christmas and Have a Great Trading Day!
Questions? Ask Dan Flynn today at 312-264-4374